DFX Intelligence
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Borrower
I••••••••• N••••••••• L••
Consumer Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: (Applied Technical Services; IHS Parent Holdngs, L.P; Imagine Topco, LP; Ironclad Holdco, LLC; ITC Infusion Co-invest, LP; ITC Rumba; LLC - Promissory; LLC (Cano Health
What matters now
- 75¢ → 87¢consensus mark
Consensus mark 87¢ on cost, up from 75¢ a year ago, 99¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal - $7.61Mprincipal outstanding
$7.61M principal held by 1 lender; matures Apr 2030.
Q2 2026 · Refinancing is due in 43 months at a 87¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 99¢ → 87¢-12 pts, one lender
P••••••••• F••••••• R••• C•••••• L••• marked it 99¢ → 87¢, the largest move among 1 lender this quarter.
Q2 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
75¢ · 36¢ · 99¢ · 99¢ · 87¢Q4 2024 to Q2 2026
Principal held
at least $7.6M
sum of BDC pieces, a lower bound
Fair value
$4.4M
87c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Apr 15, 2030
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
17
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | $7.61M | 87¢ | -12 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | notes unsecured or subordinated Subordinated D••• N••• #2 A••••••••• 4/17/2025 M••••••• 4/15/2033 I••••••• C••••••• Servic | $5.1M | $2.1M 77c | 0.00% |
| P••••••••• F••••••• R••• C•••••• L••• | notes unsecured or subordinated Subordinated D••• N••• #1 A••••••••• 4/17/2025 M••••••• 4/15/2030 I••••••• C••••••• Servic | $2.5M | $2.3M 100c | 6.00% |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated notes unsecured or subordinated | at least $7.6M | 87c | 6.00% | Apr 15, 2033 | 1 |
| first lien term loan first lien exited Sep 30, 2025 | at least $6.2M | 99c | 0.00% | Apr 15, 2033 | 1 |
| first lien revolver first lien exited Mar 31, 2023 | at least $5.0M | n/a | Sep 29, 2023 | 1 |
Equity pieces beside the debt: equity ($3.9M fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 1 | $7.6M | $4.4M | 87c | 0 |
| Sep 30, 2025 | 1 | $6.2M | $3.6M | 99c | 0 |
| Jun 30, 2025 | 1 | $1.9M | $1.6M | 99c | 0 |
| Mar 31, 2025 | 1 | $28.6M | $10.0M | 36c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 1 | $27.0M | $20.2M | 75c | 1 |
| Sep 30, 2024 | 1 | $92.5M | $79.5M | 86c | 7 |
| Jun 30, 2024 | 1 | $26.7M | $22.9M | 86c | 2 |
| Mar 31, 2024 | 1 | $26.7M | $24.9M | 93c | 2 |
| Dec 31, 2023 | 1 | $26.7M | $24.8M | 93c | 0 |
| Sep 30, 2023 | 1 | $37.7M | $35.5M | 94c | 3 |
| Jun 30, 2023 | 1 | $26.6M | $25.2M | 95c | 0 |
| Mar 31, 2023 | 1 | $31.6M | $26.2M | 99c | 0 |
| Sep 30, 2022 | 1 | $63.6M | $52.6M | 98c | 0 |
What changed
- Maturity extended (observed)Sep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Mark recoveredJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
Full timeline · 28 eventsShow fewer
- Maturity extended (observed)Jun 30, 2025
- returned to accrualJun 30, 2025
- Marked down across lendersMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- non accrual placedMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- PIK interest increasedSep 30, 2024
- PIK interest increasedSep 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- PIK interest appearsMar 31, 2024
- PIK interest appearsMar 31, 2024
- PIK interest appearsSep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- PIK interest appearsSep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Spread changed (observed)Jun 30, 2023
- Spread increasedJun 30, 2023
- Facility left every BDC scheduleMar 31, 2023
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- I••••••••• N••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Consumer Servicesreportedas one filer wrote it